Trace amine-associated receptor 1 (TAAR1) is a new signal in neuropsychiatric research and plays an important physiological role in the central nervous system. Various reports have shown that the role of TAAR1 is closely related to trace amines and monoamine neurotransmitters. We discuss the research on TAAR1 in recent years from the aspects of TAAR1 expression, related ligands, mechanism pathway and the relationship with monoamine neurotransmitters. TAAR1 regulates dopaminergic, serotoninergic and glutamatergic neurons in the central nervous system and thus affects the levels of related substances inside and outside the cell. TAAR1 agonists also show great potential for promoting the cognitive function in pharmacological experiments. Targeting this receptor shows increasing advantages and potential for use in neuropsychiatric diseases.